Is Miami inventory rising or falling?

Inventory in the Miami area is actually falling right now. There are 15.4% fewer homes on the market compared to this time last year. This means that buyers have fewer options to choose from. Even with fewer homes coming on the market (down 5.3% year-over-year), the total number of active listings has significantly decreased. The average home price is up 7.2% over the last year, reaching $1,307,193. However, homes are sitting on the market a little longer, with a median of 79 days, which is 2.6% more than last year. Fewer homes available usually means more competition among buyers. The fact that the pending ratio has gone up by 6.5% compared to last year suggests that homes are still going under contract, even with fewer choices. If you're looking to buy, understanding this decrease in inventory means you might need to be prepared to make decisions more quickly when you find a home you like.